Frequently Asked Questions
Clear answers about vehicle diminished value, insurance settlements, and how our boutique firm evaluates your rights.
What exactly is an automobile diminished value claim?
An inherent diminished value claim seeks recovery for the immediate reduction in your vehicle's fair market resale value that occurs after a motor vehicle accident, even when comprehensive, high-quality repairs have returned the car to operational condition. Potential buyers and automobile dealerships routinely deduct thousands of dollars due to an accident history recorded on vehicle history reports.
Can I make a diminished value claim if the accident was my fault?
In most jurisdictions (including Florida, Louisiana, New Jersey, and Iowa), standard first-party collision insurance policies exclude diminished value claims against your own insurer. Diminished value is primarily pursued as a third-party claim against the at-fault driver's insurance carrier.
Do I have to sell or trade in my vehicle to recover diminished value?
No. The legal loss occurs at the moment of impact and repair. You do not have to sell or trade in your vehicle to prove and recover diminished value damages.
What is the '17c formula' and why is it disputed?
The '17c formula' originated from a Georgia court case and is frequently used by insurance adjusters as an internal shortcut. It imposes arbitrary percentage caps and mileage modifiers that often reduce legitimate claim figures by 70% or more. We reject arbitrary formulas in favor of credible, real-world market appraisal data.
How does Thomas J. Cherichello's 30+ years of adjusting experience help my claim?
Having worked for over three decades inside the insurance adjusting field, Thomas understands how insurers calculate reserves, evaluate repair estimates, apply computerized valuation software, and attempt to close claims for minimum payouts. He knows their procedures and how to dismantle their arguments.
What documents do I need to evaluate my diminished value claim?
The most important documents are: (1) The police crash report or fault determination; (2) The itemized body shop repair estimate and final repair invoice; and (3) Vehicle details including VIN, mileage, and trim package.
Have a Specific Question About Your Claim?
Contact Attorney Thomas J. Cherichello directly for an evaluation of your collision damage and insurance options.
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